• Journal of Korea Trade
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• v.25 no.3
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• pp.65-86
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• 2021

Purpose - This paper empirically investigates the relationship between the corporate value chain and performance of non- financial businesses of South Korean stock market companies. It aims to explore the evidence that can be used to infer the relationship between value chains and corporate performance in the case of firms forming a value chain with other companies with the means of an equity investment or a special business relationship. Design/methodology - Non-financial corporations listed from 2011 to 2017 on the securities market of South Korea are analyzed. The data used for analysis are found for transactions with the related party by year for all the corporations of non-financial industries in the securities market. Multiple analysis attempts are conducted including the relationship between the value chain and productivity, corporate value, risk-adjusted corporate value, and mediation effects of productivity. The empirical model employs sixteen variables including the value chain index which identifies its impact on various aspects of business performances. Findings - The results of this study clearly supports the phenomenon that corporate productivity and value are enhanced when the corporation expands its value chain established with domestic related firms and overseas companies. Such a positive effect is statistically significant even after the possible risk factors that accompany the expansion of value chain were considered, and productivity plays the role as a medicating variable in the effect of the value chain on the corporation values. Originality/value - The findings of this study confirms that domestic companies' expansion of their value chain centered on the related firms overseas that helped them in terms of the maximization of their productivity and corporate values. This study shows that Korean government's policy on expanding the corporate GVC can enhance the productivity and value of firms. The expansion of value chain and its impact on business performance has not been explored thoroughly, although it is getting more and more important in the global trade operation.

• Journal of Distribution Science
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• v.17 no.4
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• pp.17-26
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• 2019

Purpose - Today's companies concentrate intensively on building consumer value and corporate reputation for continuing growth and advancement in an ever-changing global business management environment. This research intended to study the correlation between consumer value and corporate social responsibility (CSR) activities in building corporate reputation with consumers. Research design, data, and methodology - Online and offline surveys were conducted among male and female adults across Korea. Surveys were conducted for three weeks from August 21, 2018 to September 8, 2018. The samples consisted of 350 offline and 112 online surveys, and a combined total of 462 samples was used for final analysis. Result - Higher consumer value means a greater chance that consumers will select that company's products over those of competitors. For competitive advantage purposes, companies use various consumer management strategies to bolster consumer value and corporate reputation with consumers. Conclusions - Brand assets are subject to ethical responsibility, which is a dimension of corporate social responsibility. Of note, one relevant finding about brand assets (similar to findings in previous research) is the existence of confusion about brand recognition and brand image as perceived by customers.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.423-431
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• 2021

This research (1) examines the effect of stock ownership structure on capital structure; (2) explains the effect of stock ownership structure on corporate value; and (3) investigates the influence of capital structure on corporate value. This research is categorized as a quantitative research, which is directed to test various theories. In this study, the population of all consumption companies listed on the Indonesia Stock Exchange (IDX) consist of 38 companies. Population data in this study are all consumption companies, which have gone public in the period from 2010 to 2015. In this study, given the objectives and problem formulation and hypothesis, the analysis method used is Generalized Structural Component Analysis (GSCA). Ownership structure has a significant effect on capital structure; ownership structure has no significant effect on corporate value; capital structure has a significant effect on corporate value; corporate value has a significant effect on capital structure. Previous research found different results. Some researchers found a positive relationship and other researchers found a negative relationship, and there are studies that found both significant and non-significant effects. The inconsistency of previous research results prompted the researchers to examine the effect of ownership structure on capital structure and corporate value.

• Journal of Distribution Science
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• v.17 no.10
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• pp.115-123
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• 2019

Purpose - The purpose of paper is to examine into corporate value of international physical distribution, which is closely related with company that is running business based on competitive power. It is good for company to gain a competitiveness throughout activities from international physical distribution, then it increases corporate value after all. Then it will be looked at how international physical distribution can influence competitiveness of company in terms of corporate value. Research design, data, and methodology - The research method to be described is first to identify concept of international physical distribution theoretically, including characteristics and structure, and then to review corporate value of international physical distribution to make company be competitive. As far as general landscape of international logistics is concerned, it is investigated into function and role of service provider, user and market situations. However, it is well proved that current market of international physical distribution is stable and bright, which means it is possible to take foreseeable future as well. Then company can share with corporate value of international physical distribution provided from logistics service provider. Results - To achieve corporate value throughout process of international physical distribution is strongly connected with competitive status of logistics service providers, those are carriers and infrastructures, and third party logistics providers. Especially in order to inquire into competitive aspects of international physical distribution in this paper, it is focused on trade volumes and overcapacity of global shipping market. Unlike it is used to be, more optimistic and positive situation has been shown since 5 years ago from the year of 2018, which means carriers make a business well, leading company to be more competitive. Conclusions - Corporate value of company in terms of international physical distribution is closely involved with competitive situations in the physically distribution, especially shipping market, which service providers can paly a key role in this regards. It can be estimated that the more market of international physical distribution works, the more competitiveness of companies increases. Ocean carriers in shipping market of international physical distribution are doing actively business well, and the corporate value can be materialized in favor of company.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.233-254
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• 2023

Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin's Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

• International journal of advanced smart convergence
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• v.12 no.3
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• pp.157-162
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• 2023

This study analyzed the relationship between ESG performance and corporate value using panel data from Chinese equipment manufacturing companies spanning from 2012 to 2021, and it also examined whether ownership structure moderates this relationship. We have contributed to filling the gap in existing research. The main conclusions of this study are as follows: Firstly, similar to previous researches, ESG performance was found to have a positive and statistically significant impact on corporate value. Secondly, when the three dimensions of ESG - Environmental (E), Social (S), and Governance (G) - were analyzed separately, it was observed that E and S have a positive and statistically significant impact on corporate value, while G has a negative and statistically significant impact. Thirdly, ownership concentration emerged as a significant moderating factor in explaining the connection between ESG performance and corporate value. Lastly, when the three dimensions of ESG were analyzed separately, ownership concentration was found to serve as a positive moderating factor in the relationship between corporate value and E and S, but it did not play a statistically significant role for G.

• Journal of the Korea Society of Computer and Information
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• v.21 no.8
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• pp.105-116
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• 2016

Corporate social media has been recently used in customer relationship management in many ways to improve product sales and company images. Not much research exists on corporate social media, Therefore, in this paper, we propose a research model to identify how corporate social media enhances corporate's CRM quality, resulting in forming customer's purchase intention. In detail, this paper is to examine how customer's perceived value of corporate social media influences CRM quality(CRM trust and CRM commitment), and then how CRM quality affects purchase intention. To this end, a total of 300 questionnaires were used from online panel respondents to test research hypothesis. The findings showed that service performance value and monetary value were major determinants of CRM trust, however, there was no association between brand integration value and CRM trust. In addition, the effects of service performance value and brand integration value on CRM commitment were found whereas monetary value had no effect on CRM commitment. The results also showed that CRM trust and CRM commitment played a critical role in forming of purchase intention. Theoretical and practical Implications are discussed.

• Journal of East Asia Management
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• v.5 no.1
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• pp.1-31
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• 2024

Based on the perspective of consumers and the method of value engineering, this paper uses "CSR expectation deviate level" to measure corporate social responsibility, and discusses the influence of corporate social responsibility on financial performance and its action path. This paper collected the questionnaire survey data of 878 consumers and the panel data of 98 listed companies from 2009 to 2012. The empirical results show that: (1) Consumers pay more attention to products and services, charity, environmental protection and their responsibilities to employees, and less attention to their responsibilities to shareholders or creditors and partners; (2) Corporate social responsibility is negatively correlated with financial performance, and corporate marketing ability plays a moderating role in it. That is, the smaller the gap between the level of corporate social responsibility fulfilled by enterprises and consumers' expectations, the better the financial performance of enterprises, which also reminds enterprises that they need to rationally allocate corporate social responsibility resources and constantly cultivate their own marketing capabilities, so as to better meet the level of corporate social responsibility expected by consumers. The value engineering method quantifies consumers' value perception of corporate social responsibility, which has a certain practical guiding role. Of course, there are some limitations in this paper, and future research can further explore the potential impact mechanism.

• Journal of Distribution Science
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• v.14 no.5
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• pp.27-37
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• 2016

Purpose - Prior theories expect a lower marginal value of cash for weak governance firms. To test this hypothesis, we examine the relationship between corporate governance structures and marginal cash values in Korean retail firms. Research design, data, and methodology - We estimate marginal cash values based on the model of Faulkender & Wang (2006). The retail firms listed in Korean Stock Exchange from 2005 to 2013 are analyzed. Corporate governance scores are provided by Korean Corporate Governance Services. Results - We show a higher marginal value of cash for the weak governance retail firms in terms of total governance score. Our analysis on a detailed set of governance scores generally confirms this tendency. Yet, a higher marginal cash value is obtained for the firms with better board structures and dividend policies. Conclusions - Our findings argue against the agency view of cash policy predicting a negative relationship between corporate governance scores and marginal cash values. A low marginal value of cash, widely observed in the sample firms, also supports severe resource diversion problem in Korean corporations.

• Journal of the Korea Fashion and Costume Design Association
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• v.26 no.1
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• pp.99-109
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• 2024

This study focused on analyzing the difference in the impact of non-financial performance, specifically ESG (Environmental, Social, and Governance) activity grade level, on management performance and corporate value among the 25 fashion companies listed on the Korea Exchange that completed their ESG evaluation in 2022. The companies were categorized into three levels based on their ESG evaluations: ESG Integrated Grade (ESG-T), ESG-E (Environmental), ESG-S (Social), and ESG-G (Governance). The study then empirically analyzed how these levels affected management performance and corporate value. The empirical analysis revealed significant differences in the impact on management performance and corporate value depending on the ESG activity grade level. Companies with higher ESG grades exhibited better management performance and higher corporate values across all ESG sub-variables (ESG-T, ESG-E, ESG-S, ESG-G) compared to those with lower grades. This finding demonstrates the influence of ESG activity grade levels on improving management performance and enhancing corporate value in fashion companies. The results of this research provide meaningful insights into the direction of sustainable management through ESG activities in fashion companies.